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612 E 82nd Street, Los Angeles, California 90001, Los Angeles, 90001 - bed, bath

612 E 82nd Street, Los Angeles, California 90001 home-pic-0
ACTIVE$725,000
612 E 82nd Street, Los Angeles, California 90001
0Bed
0Bath
2,088Sqft
5,742Lot
Year Built
1929
Close
-
List price
$725K
Original List price
$849K
Price/Sqft
$347
HOA
-
Days on market
-
Sold On
-
MLS number
SB25046654
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $725.0K(64th), sqft - 2088(86th), beds - undefined(50th), baths - undefined(50th).

612 E 82nd St is a value add garden style 4plex located in the heart of Los Angeles. The building is comprised of all (4) 1-Bed/1-Bath units with 58% in Rental upside! Stabilizes at a 7.51% cap rate and 9.83 GRM, this asset is ideal for any savvy investor to unlock the income potential. Built in 1929, the subject property is a 4 unit apartment spread out over 2,088 Sq. Ft situated on a 5,742 Sq. Ft lot, 612 E 82nd St is a unique valueadd opportunity in an extremely fast growing rental market of Los Angeles. 612 E 82nd St is located just minutes from the 110 fwy with easy access to USC, Downtown LA, Gilbert Lindsay Park, Exposition Park, Lucas Museum, Art's District, The Reef, BMO Stadium, LA Live and billions of dollars worth of development pouring into the neighborhood.

Nearby schools

3/10
South Park Elementary School
Public,•K-6•0.3mi
3/10
Mckinley Avenue Elementary School
Public,•K-6•0.3mi
3/10
Seventy-Fifth Street Elementary School
Public,•K-6•0.7mi
5/10
Russell Elementary School
Public,•K-6•0.8mi
5/10
Wisdom Elementary School
Public,•K-6•0.8mi
2/10
Dr. Owen Lloyd Knox Elementary School
Public,•K-6•0.9mi
4/10
Sixty-Sixth Street Elementary School
Public,•K-6•1.1mi
4/10
Sixty-Eighth Street Elementary School
Public,•K-6•1.5mi
3/10
Sixty-First Street Elementary School
Public,•K-6•1.8mi
2/10
Mary Mcleod Bethune Middle School
Public,•6-8•1.0mi
1/10
Charles Drew Middle School
Public,•6-8•1.0mi
3/10
Thomas A. Edison Middle School
Public,•6-8•1.4mi
3/10
Los Angeles Academy Middle
Public,•6-8•1.9mi
3/10
John C. Fremont Senior High School
Public,•9-12•0.5mi

Price History

Date
Event
Price
02/27/17
Sold
$530,000
08/19/09
Sold
$230,000
01/03/06
Sold
$566,500
Condition Rating
Poor
Built in 1929, this property is nearly a century old and shows no evidence of significant renovations. The kitchen features extremely dated wooden cabinets, worn laminate countertops, an old white gas range, and basic linoleum flooring. The bathroom is equally outdated with old tile, basic fixtures, and visible wear. An exposed water heater in the entry area further highlights the lack of modern updates. The MLS description explicitly states it's a 'value add' opportunity requiring 'extensive renovation' and 'significant capital expenditure' for modernization and system upgrades, indicating substantial repairs and rehabilitation are needed.
Pros & Cons

Pros

Significant Rental Upside: The property offers a substantial 58% rental upside, with a stabilized 7.51% cap rate and 9.83 GRM, presenting a strong income potential for savvy investors.
Strategic Location: Located minutes from the 110 Fwy, providing easy access to major employment hubs like USC and Downtown LA, as well as cultural and entertainment centers such as Exposition Park, BMO Stadium, and LA Live.
Value-Add Opportunity: Explicitly marketed as a 'value add' quadruplex, indicating clear potential for investors to enhance property value and unlock higher returns through strategic improvements.
Growing Rental Market: Situated in an 'extremely fast growing rental market' within Los Angeles, benefiting from billions of dollars in neighborhood development, suggesting strong tenant demand and future appreciation.
Multi-Unit Income Property: As a 4-unit apartment building, it provides diversified income streams, offering greater stability and resilience compared to single-family rental investments.

Cons

Age of Property & Capital Expenditure: Built in 1929, the property is nearly a century old, likely requiring significant capital expenditure for deferred maintenance, system upgrades, and modernization to achieve its full potential.
Extensive Renovation Required: The 'value add' nature implies substantial renovation efforts are needed to realize the advertised rental upside, which will demand significant upfront investment and may lead to temporary vacancies during the improvement phase.
Price Reduction History: The property has undergone a notable price reduction from its original list price of $849,000 to $725,000, which could suggest previous overpricing or challenges in attracting buyer interest.

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